NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953 (the “Bond Act”), as amended and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended (the “ Refunding Bond Act” and collectively with the Bond Act, the “Act”) that on January 13, 2026, the City Council (the “Council”) of Beaver City, Utah (the “Issuer”), adopted a resolution (the “Resolution”) authorizing the issuance of the Issuer’s Electric Revenue and Refunding Bonds, Series 2026 (the “Series 2026 Bonds”) (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer) and called a public hearing to receive input from the public with respect to (a) the issuance of that portion of the Series 2026 Bonds issued under the Bond Act, and (b) any potential impact that the Project (defined below) financed with the proceeds of that portion of the Series 2026 Bonds issued under the Bond Act may have on the private sector.

PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING

The Issuer shall hold a public hearing on February 10, 2026, at the hour of 4:30 p.m. at 30 West 300 North, Beaver, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of that portion of the Series 2026 Bonds issued under the Bond Act and (b) any potential economic impact that the Project to be financed with the proceeds of that portion of the Series 2026 Bonds issued under the Bond Act may have on the private sector.  All members of the public are invited to attend and participate.

PURPOSE FOR ISSUING THE SERIES 2026 BONDS

The Series 2026 Bonds will be issued for the purpose of (a) financing all or a portion of the acquisition and installation of a new electric meter structure and all related improvements (the “Project”), (b) refunding all or a portion of the Issuer’s outstanding Electric Revenue Bonds, Series 2025 (the “Refunded Bonds”) (c) funding any necessary debt service reserve funds, and (d) paying costs of issuance of the Series 2026 Bonds.

PARAMETERS OF THE SERIES 2026 BONDS

The Issuer intends to issue the Series 2026 Bonds in the aggregate principal amount of not more than Four Million Four Hundred Thousand Dollars ($4,400,000), to mature in not more than twenty-one (21) years from their date or dates, to be sold at a price of not less than ninety-eight percent (98%) of the total principal amount thereof (which results in a maximum discount from par of not more than 2% of the principal amount), and to bear interest at a fixed rate of not to exceed six and one half percent (6.50%) per annum, or if issued as variable rate bonds, at a variable rate of not more than twelve percent (12%) per annum.  The Series 2026 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Fourth Supplemental Indenture of Trust (together the “Indenture”), which were before the Council in substantially final form at the time of the adoption of the Resolution.

 

 

REVENUES PROPOSED TO BE PLEDGED

The Series 2026 Bonds are special limited obligations of the Issuer payable from the net revenues (the “Revenues”) of the Issuer’s electric system (the “System).

OUTSTANDING BONDS SECURED BY REVENUES

The Issuer currently has $4,911,000 of bonds outstanding secured by the Revenues, of which $2,095,000 are anticipated to be refunded with a portion of the proposed Series 2026 Bonds, together with $2,000,000 from the proposed Series 2026 Bonds for new projects, for an estimated total outstanding par of $5,632,000 once the Series 2026 Bonds are issued and the refunding completed.

OTHER OUTSTANDING BONDS OF THE ISSUER

Information regarding all of the Issuer’s outstanding bonds may be found in the Issuer’s audited financial report (the “Financial Report”) at:

https://reporting.auditor.utah.gov/searchreports/s/.  For additional information more recent than as of the date of the Financial Report please contact Monte Hawkins, City Manager at (435) 438-2451.

TOTAL ESTIMATED COST

Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2026 Bonds, if held until maturity is $4,856,783.79.

 

A copy of the Resolution and the Indenture will be on file in the office of the City Recorder, 30 West 300 North, Beaver, Utah, where they may be examined during regular business hours of the City Recorder from 8:00 a.m. to 5:00 p.m., Monday through Thursday, for a period of at least thirty (30) days from and after the date of publication of this notice.

NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture (but only as it relates to the Series 2026 Bonds), or the Series 2026 Bonds, or any provision made for the security and payment of the Series 2026 Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever.

 

DATED this January 13, 2026.

 

                     /s/ Meranda Martin                    

City Recorder